If the American People can be called upon by the government to lend the banking industry billions of dollars, the same People shouldn't be penalized for loaning their own money to themselves.
When a 401K balance has to be rolled over to an IRA, the account holder loses the ability to take loans against it. Removing balances incurrs significant penalties, both from the banks and the IRS.
There is no reason that, given the current state of the economy, Americans shouldn't be granted the ability to loan themselves their own money.
Why are individuals treated with less freedom than the banking industry that caused the financial collapse?